- Considerations before taking a loan Before approaching a moneylender, take into account other options, like the different financial assistance schemes provided by various Government agencies. You can consult with the agencies to find out more about their plans. You are officially obliged to fulfil any loan contract you enter into with a licensed moneylender. Look at whether you have the ability to abide by the contractual terms, keeping in mind your income and financial liabilities. Borrow basically what you need to have and have the ability to repay. Be conscious that if you are not capable to satisfy the contractual terms, the late payment fees and interest repayment will be a financial strain not just on yourself but in addition on your family. The regulation entails moneylenders to spell out the terms of a loan to you in a language you comprehend and to provide you with a copy of the loan agreement. Confirm you fully comprehend the terms of the contract, especially, the installment schedule, the interest rate charged and the fees applicable. Think about carefully before conceding to any contractual term which gives a moneylender to lodge a caveat on the sale proceeds of your real estate property at the time of default of the loan repayment. When a caveat is lodged against your property, you will definitely not manage to sell it without first paying back the moneylender completely. It can wipe out all or a significant part of the proceeds if the settlement is taken from the net proceeds from the sale of the property. You should look around several moneylenders for the best favourable terms. You should not hurry into and commit yourself to a loan unless you are pleased with the terms and conditions . - The amount of money can you borrow from a licensed money lender? For secured loans, you can acquire a loan of any amount. For unsecured loans, you can obtain: Up to $3,000, in the event that your yearly income is below $20,000; As much as 2 months' income, in the event that your yearly income is $20,000 or more but no more than $30,000; As high as 4 months' income, when your annual income is $30,000 or more but less than $120,000; and Any amount, if your annual income is $120,000 or higher. - Rates That Money Lenders can Charge With effect from 1 October 2015, the maximum lending rates moneylenders can charge is 4% monthly. This cap applies no matter what the borrower's income and whether or not the loan is an unsecured or secured one. If a borrower fails to repay the loan punctually, the maximum rate of late interest a moneylender can charge is 4% monthly for every month the loan is paid off late. The computation of interest charged on the loan must be based on the amount of principal remaining after deducting from the original principal the full payments made by or on behalf of the borrower which are appropriated to principal. [To illustrate , if X takes a loan of $10,000, and X has repaid $4,000, only the remaining $6,000 can be taken into consideration for the calculation of interest.] The late interest can only be charged on an amount that is repaid late. The moneylender can not charge on amounts that are outstanding but not yet due to be repaid. [ To illustrate, if X takes a loan of $10,000, and fails to pay for the first instalment of $2,000, the moneylender may charge the late interest on $2,000 but not on the remaining $8,000 as it is not due yet. ] - Fees That Money Lenders Can Request With effect from 1 October 2015, all moneylenders are only permitted to impose the following expenses and charges : a fee not exceeding $60 for each and every month of late repayment; a fee not exceeding 10% of the principal of the loan when a loan is granted; and legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan. The total charges imposed by a moneylender on any loan, consisting of interest, late interest, upfront administrative and late fee also can not exceed an amount equivalent to the principal of the loan. [To illustrate, if X takes a loan of $10,000, then the interest, late interest, 10% administrative fee and monthly $60 late fees can not exceed $10,000.] - How Do I verify if a money lender is licensed by Ministry of Law? Do not get a loan from unlicensed moneylenders. Authenticate that a moneylender is licensed by checking the list of licensed moneylenders. "Click here to access the list of licensed moneylenders." Notwithstanding that the moneylenders are accredited, be mindful if they: Use profane language, or behave in a intimidating manner towards you. Ask for your SingPass user ID and/or password. Retain your NRIC card or any other personal ID documents (e.g. driver's licence, passport, work permit, employment pass or ATM card). Ask you to sign on a incomplete or blank Note of Contract for the loan. Grant you a loan in the absence of giving you a copy of the Note of contract for the loan and/or without adequately explaining to you all the terms and conditions . Grant you a loan without exercising due diligence (e.g. approving a loan over the phone, SMS or email before even getting your loan application and supporting documents, for example, the income tax assessment and payslips). Withhold any portion of your principal loan amount for any reason. This type of practices are not tolerable. In the event that you come across them, you should report the moneylender to the Registry of Moneylenders, with information such as the moneylender's business contact, name and licence numbers. Please see Question 10 for more details. - Singapore Regulations On Money Lending Advertising Licensed moneylenders are allowed to market only through these three channels: ( a) business or consumer directories (in print or online media);. ( b) websites belonging to the moneylender; and. ( c) advertisements positioned within or on the exterior of the moneylender's business premises. All other channels are prohibited. If you receive flyers, SMSes, emails or other forms of adverts which are not authorized, these would either be from licensed moneylenders operating in violation of the marketing restrictions, or from unlicensed moneylenders. Hence, you are advised not to react to such advertisements. In fact, you should report the ads by giving us with a proof of the advertisements (for SMS-- a screen capture) to the Registry at e-mail address: OneMinLaw@mlaw.gov.sg or to the Police. Take into consideration carefully prior to agreeing to any contractual term which makes it possible for a moneylender to lodge a caveat on the sale proceeds of your real estate property upon default of the loan repayment. If a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is repaid late. To make clear, if X takes a loan of $10,000, and fails to pay for the first instalment of $2,000, the moneylender can charge the late interest on $2,000 but not on the remaining $8,000 as it is not due. The full charges imposed by a moneylender on any loan, consisting of interest, late interest, upfront administrative and late fee also can not go beyond an amount equivalent to the principal of the loan. To illustrate, if X takes a loan of $10,000, then the interest, late interest, 10% administrative fee and monthly $60 late fees can not exceed $10,000.
Credit review sign.png
JOO CHIAT ROAD GV BUILDING SINGAPORE 427395
For personal, payday and business loan solutions from Singapore’s leading licensed moneylen...
30 Yishun Street 81 #01-04 Nee Soon South Community Club Singapore 768455
POSB Bank (or just referred to as POSB) is a Singaporean bank offering consumer banking services ...
86/88 Serangoon Garden Way Singapore 555982
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly listed finan...
KST-Logo2.jpg
183 TOA PAYOH CENTRAL SINGAPORE 310183
Since our launching, we have been growing continuously in customers base providing customers with...
1 Pasir Ris Central St 3 White Sands, #01-13 Singapore 518457
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly listed finan...
30 Tai Seng Street #01-01 Breadtalk IHQ Singapore 534013
United Overseas Bank Limited (typically called UOB) is a Singaporean international banking organi...
83 Marine Parade Central #01-576/578 Singapore 440083
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly listed financ...
JR-Star-2015.png
131 JURONG GATEWAY ROAD SINGAPORE 600131
We are a fully licensed and professional money lending company based in Singapore. We have been r...
30 Eunos Crescent #01-01 Eunos MRT Station Singapore 409423
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Post...
BENOI ROAD, PIONEER LOT, SINGAPORE 627788
There are personalized loan services available to each customer. We offer a manageable repayment ...
credit-king-pte-ltd-logo.png
101 UPPER CROSS STREET PEOPLE’S PARK CENTRE SINGAPORE 058357
We have been managing and sustaining a considerable growing customer base of substantial anddiver...
Blk 25 Bendemeer Road #01-561/563 Singapore 330025
United Overseas Bank Limited (commonly referred to as UOB) is a Singaporean international banking...
10 Boon Lay Place #01-06 Boon Lay Community Club Singapore 649882
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Posta...
1 Maju Avenue #01-12/13/14/15 Serangoon Garden Village Singapore 556679
DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marin...
230 Orchard Road #01-230 Faber House Singapore 238854
United Overseas Bank Limited (typically known as UOB) is a Singaporean international banking orga...
Alles_Autos_logo-300x150.png
133 NEW BRIDGE ROAD CHINATOWN POINT SINGAPORE 059413
For personal, payday and business loan services from Singapore’s premier licensed moneylend...
2 Orchard Turn #B2-57 Singapore 238801
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted financi...
170 Upper Bukit Timah Rd #01-01 Bukit Timah Shopping Centre Singapore 588179
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly listed finan...
Credit review sign.png
SENOKO DRIVE SINGAPORE 758249
Have you been struggling to get a quickloan from your bank before the next payday? Do you wish yo...
Credit review sign.png
77 HIGH STREET HIGH STREET PLAZA SINGAPORE 179433
Have you been struggling to get a quick loan from your bank before the next payday? Do you wish y...
Cash Mart.jpg
BALESTIER ROAD SINGAPORE 329726
For personal, payday and business loan services from Singapore’s leading licensed moneylend...
Blk 201A Tampines Street 21 #01-1051 Singapore 521201
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Posta...
UPPER DICKSON ROAD, SINGAPORE 207488
We offer quick cash through a personal loan or payday loan. Regardless if it’s medical loan...
21 Jurong Gateway Road #01-03 CPF Jurong Building Singapore 608546
POSB Bank (or merely referred to as POSB) is a Singaporean bank offering consumer banking service...
80 Marine Parade Road #01-12 Parkway Parade Singapore 449269
DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marin...
Blk 101 Towner Road #01-238/240/242 Singapore 322101
DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marin...
1 Jurong West Central 2 #01-16C Jurong Point Shopping Centre Singapore 648886
United Overseas Bank Limited (frequently known as UOB) is a Singaporean international banking org...
204 Bedok North St 1 #01-403/405/407 Singapore 460204
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted financi...
Screenshot (20).png
101 UPPER CROSS STREET PEOPLE’S PARK CENTRE SINGAPORE 058357
We are a professional and fully licensed money lending company based in Singapore. We have been q...
Blk 118 Rivervale Drive #01-21 Rivervale Plaza Singapore 540118
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Postal ...
Screenshot (20).png
SERANGOON ROAD SINGAPORE 218084
We are a professional and fully licensed money lending company based in Singapore. We have been q...
Blk 204 Hougang Street 21 #01-107/111 Singapore 530204
DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, ...
501 Bishan St 11 #01-372/374 Singapore 570501
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted monetar...
23 Serangoon Central #01-52/53 nex Singapore 556083
United Overseas Bank Limited (typically referred to as UOB) is a Singaporean multinational bankin...
btnbg.jpg
801 FRENCH ROAD SINGAPORE 200801
We composed of acore group of professionals that provide loans to tailor to all your needs. Call ...
Credit review sign.png
25 NORRIS ROAD SINGAPORE 208267
We offer loan and moneylending services. We offer loans to Singapore residents, PR and foreigners...
logo (1).png
101 UPPER CROSS STREET PEOPLE'S PARK CENTRE SINGAPORE 058357
We provide various types of financial loans to Singaporeans, permanentresidents of Singapore and ...
Blk 210 New Upper Changi Road #01-711 Singapore 460210
302 Tiong Bahru Road #01-125/126 Tiong Bahru Plaza Singapore 168732
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly noted financ...
Credit review sign.png
250 NORTH BRIDGE ROAD RAFFLES CITY TOWER SINGAPORE 179101
Are you undergoing a financial unexpected emergency? Have you been struggling to get a quick loan...
download.png
201D TAMPINES STREET 21 SINGAPORE 524201
At one point or another, each of us has had the need to raise a substantial sum of money on short...
587 Bukit Timah Road #02-25/26/27/28 Coronation
12 Marina Boulevard Level 3 MBFC Tower 3 Singapore 018982
DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marin...
moneylenderreview.png
SERANGOON NORTH AVENUE 1 SINGAPORE 550153
We comprised of a core group of professionals that provide loans to tailor to all your needs. Cal...
empire90credit.png
BLK 503 TAMPINES CENTRAL 1 SINGAPORE 520503
We are legal money lender is a professional and fully licensed moneylending company based in Sing...
2 Orchard Link #02-07/08 Scape Building Singapore 237978
DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marin...
148 Upper Bukit Timah Road #01-01 UOB Centre Singapore 588178
United Overseas Bank Limited (commonly called UOB) is a Singaporean multinational banking organis...
ethoz_logo-300x150.jpg
BUKIT BATOK CRESCENT SINGAPORE 658075
For personal, payday and business loan services from Singapore’s top licensed moneylender, ...
Credit review sign.png
1 NORTH BRIDGE ROAD HIGH STREET CENTRE SINGAPORE 179094
For personal, payday and business loan solutions from Singapore’s leading licensed moneylen...
galaxy-credit-investments-pte-ltd.png
BLK 709 ANG MO KIO AVENUE 8 SINGAPORE 560709
We are legal money lender is a professional and fully licensed moneylending company based in Sing...
304 Choa Chu Kang Ave 4 #01-663 Singapore 680304
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly listed monet...
8 Somapah Road #01-103 Singapore 487372
DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marin...
quick_loan_101_logo-300x150.png
10 ANSON ROAD INTERNATIONAL PLAZA SINGAPORE 079903
We have been managing and maintaining a substantial growing customer base of substantial and dive...
1 Tampines Central 1 #01-01 UOB Tampines Centre Singapore 529539
United Overseas Bank Limited (typically known as UOB) is a Singaporean multinational banking orga...
1 Sengkang Square #02-05/06 Compass One Mall Singapore 545078
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Posta...
GALogo1.gif
185 TOA PAYOH CENTRAL SINGAPORE 310185
For personal, payday and business loan services from Singapore’s leading licensed moneylend...
25 Boon Lay Place Singapore 649886
United Overseas Bank Limited (typically known as UOB) is a Singaporean international banking orga...
1 Maritime Square #02-99/100 HarbourFront Centre Singapore 99253
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly listed moneta...
3 Temasek Boulevard #02-709/710/711 Suntec City Mall Singapore 038983
DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, ...
Blk 539 Bedok North Street 3 #01-647 Singapore 460539
POSB Bank (or just called POSB) is a Singaporean bank offering customer banking services and is t...
53 Ang Mo Kio Avenue 3 #B1-32/33 AMK Hub Singapore 569933
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly noted financ...
Credit review sign.png
BLK 450 LORONG 6 TOA PAYOH HERSING CENTRE SINGAPORE 319394
We are legal money lender is a fully licensed andprofessional moneylending company stationed in S...
Blk 501 Bishan Street 11 #01-368/370 Singapore 570501
United Overseas Bank Limited (commonly known as UOB) is a Singaporean international banking organ...
2 Sembawang Crescent #01-02 Canberra Community Club Singapore 757632
POSB Bank (or simply called POSB) is a Singaporean bank offering consumer banking services and is...
176 Orchard Road #01-27 CentrePoint Singapore 238843
POSB Bank (or just referred to as POSB) is a Singaporean bank offering consumer banking services ...
Blk 637 Bukit Batok Central #01-16 Singapore 650637
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly listed moneta...
Blk 926 Yishun Central 1 #01-183 Singapore 760926
POSB Bank (or just known as POSB) is a Singaporean bank offering customer banking services and is...
Credit review sign.png
10 JALAN BESAR SIM LIM TOWER SINGAPORE 208787
Since our opening, we have been progressing continuously in customers base providing customers wi...
391 Orchard Road #04-15 Ngee Ann City Singapore 238872
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Postal ...
moneylenderreview.png
TECH PARK CRESCENT SINGAPORE 637839
We composed of a core group of professionals that provide loans to tailor to all your needs. Appl...
1 Kim Seng Promenade #01-34 Great World City Singapore 237994
United Overseas Bank Limited (frequently understood as UOB) is a Singaporean international bankin...
26 Tai Seng Street #01-01 Singapore 534057
DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marin...
EAST COAST ROAD, #02-58, ROXY SQUARE, SINGAPORE 428769
We have been Singapore’s leading licensed and most trusted moneylender. We render a wide se...
Blk 210 New Upper Changi Road #01-707 Singapore 460210
DBS Bank Ltd is an international banking and financial services corporation headquartered in Mari...
1 Park Road #01-01/02 People's Park Complex Singapore 059108
United Overseas Bank Limited (frequently known as UOB) is a Singaporean international banking org...
Credit review sign.png
BENOI ROAD PIONEER LOT SINGAPORE 627788
We consisted of a core group of professionals that provide loans to tailor to all your needs. Cal...
Blk 101 Yishun Avenue 5 #01-05 Singapore 760101
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Posta...
Blk 107 Toa Payoh Lorong 1 #01-266 Singapore 310107
POSB Bank (or merely known as POSB) is a Singaporean bank offering customer banking services and ...
10 Marina Boulevard #01-04, Marina Bay Financial Centre Tower 2 Singapore 018983
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly listed finan...
Credit review sign.png
77 HIGH STREET HIGH STREET PLAZA SINGAPORE 179433
At some point or another, each of us has had the need to raise a substantial sum of money on shor...
logo9.png
BLK 185 TOA PAYOH CENTRAL SINGAPORE 310185
We are legal money lender is a professional and fully licensed moneylending company located in Si...
QVCredit-logo.png
175A Bencoolen Street Burlington Square Square 189650
At one point or another, each of us has had the need to raise a substantial sum of money on short...
Credit review sign.png
756 UPPER SERANGOON ROAD UPPER SERANGOON SHOPPING CENTRE SINGAPORE 534626
We are a legal and licensed money lender in Singapore. We consisted of a core group of profession...
83 Punggol Central #01-01 Waterway Point Singapore 828761
United Overseas Bank Limited (typically known as UOB) is a Singaporean multinational banking orga...
TAMPINES STREET 21, #03-1157, SINGAPORE 524201
Times are challenging in Singapore and consumers and businessowners are finding it harder to get ...
BEACH ROAD, #07-63, GOLDEN MILE COMPLEX, SINGAPORE 199588
We provide quick cash through a personal loan or payday loan. Whether it’s medical loan, ed...
50 Nanyang Avenue Blk NS3-01-10 Singapore 639798
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly listed moneta...
Tampines 1 - 10 TAMPINES CENTRAL 1 #03-08/09 Singapore 529536
DBS Bank Ltd is an international banking and financial services corporation headquartered in Mari...
NORTH BRIDGE ROAD, #06-00, RAFFLES CITY TOWER, SINGAPORE 179101
we strive to achieve each and every one of our customers’ needs and wants. We are an compan...
mylogo.png
801 FRENCH ROAD SINGAPORE 200801
We have been dealing with and maintaining a considerable expanding client base of substantial and...
Blk 712a Ang Mo Kio Avenue 6 #01-4066 Singapore 560712
POSB Bank (or simply referred to as POSB) is a Singaporean bank offering customer banking service...
88 Bedok North St 4 #01-163 Singapore 460088
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted monetar...
502 Jurong West Ave 1 #01-821 Singapore 640502
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly noted moneta...
Credit review sign.png
189 SELEGIE ROAD SELEGIE CENTRE SINGAPORE 188332
We are a professional and fully licensed money lending company based in Singapore. We have been r...
Credit review sign.png
163 ANG MO KIO AVE 4 SINGAPORE 560163
Since our launching, we have been growing continuously in customers base providing customers with...
photo.jpg
101 UPPER COSS STREET #01-17 PEOPLE’S PARK CENTRE SINGAPORE 058357
Are you going through a financial unexpected emergency? Have you been struggling to obtain a quic...
emvertex_logo-300x150.png
200 JALAN SULTAN TEXTILE CENTRE SINGAPORE 199018
For personal, payday and business loan services from Singapore’s top licensed moneylender, ...
23 Serangoon Central #B2-28/29 Singapore 556083
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted financi...
Credit review sign.png
711 ANG MO KIO AVENUE 8 SINGAPORE 560711
We provide loan and moneylending services. We offer loans to Singapore residents, PR and foreigne...
1 Segar Road #01-06 Zhenghua Community Club Singapore 677738
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Posta...
gee_credit_logo-300x150.png
211 NEW UPPER CHANGI ROAD SINGAPORE 460211
At one point or another, each of us has had the need toraise a substantial sum of money on short ...
motorway.png
LOWER DELTA ROAD MOTORWAY BUILDING SINGAPORE 169205
We have been managing and maintaining a considerable growing client base of diversified and subst...